* The global stock market recovery continued during the Asian session.

* News came out at the last minute that a “legally binding” agreement has been reached between the EU and the UK, giving May an assurance that the dreaded Irish border backstop doesn’t become permanent underpinned.

* The pound strengthened, as well as stock markets across Asia after a positive close on Wall Street, where robust retail sales had helped to bolster confidence.

* Topix and Nikkei rose 1.52% and 1.79% respectively overnight. The Hang Seng is up 1.2% and CSI 300 and Shanghai Comp rose 0.48% and 0.76% so far, with the Shenzen Comp up 0.88%.

* The ASX underperformed and closed with a loss of -0.09%, as Aussie loans data again came out negative.

* US futures are broadly higher, while the front end WTI future saw a high of USD 57.14 before falling back to now USD 56.91 per barrel.

Charts of the Day

Technician’s Corner

* EURUSD has continued its rise after the positive Brexit news, trading around the 1.1256 Resistance level, far from both the next 1.1224 Support and 1.13 Resistance.

* GBPUSD gained on the positive Brexit developments, breaking through the 1.32 Resistance but the MACD suggests that this may be running out of steam.

* XAUUSD continues to fluctuate around the 1295 mark, with the MACD and Stochastics indicators pointing to the downside as price it hits its 200HMA.

* USDJPY continues to move upwards, with immediate Resistance at the 200HMA level at 111.54, while Stochastics and the MACD point downwards.

Main Macro Events Today

* Industrial and Manufacturing Production (GBP, GMT 09:30) – Industrial and Manufacturing Production are expected to have remained flat registering 0.0% m/m growth in January, compared to a 0.5% and 0.7% declines in December.

* Consumer Price Inflation (USD, 12:30) – US CPI is expected to stand at the same level as in January, both for the overall and the core index, at 2.2% and 1.6% respectively.

* Brexit Vote (EUR, USD, N/A) – The UK Parliament will vote on whether it will accept May’s amended deal, in light of today’s agreement on the backstop.

Support and Resistance Levels

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* The dollar pulled ahead from a nine-day low on Thursday, largely helped by the pound snapping back after a sharp rally made on Brexit relief.

* MPs surprised the government and voted by 312 to 308 to reject a no-deal Brexit under any circumstances. The vote is not binding – under current law the UK could still leave without a deal on 29 March.

* Another vote tonight, with British lawmakers widely expected to vote in favour of a Brexit delay.

* US grounded Boeing’s 737 Max 8 and 9 fleet as announced by the FAA, with Boeing itself recommending that the 737 Max should be taken out of service. More than 370 such planes are operated. Boeing saw its value decline by $26.6 billion this week.

* Data from China point to the negative as unemployment has risen, industrial production growth has slowed, even though retail sales continue to grow.

* Gold declined as the Dollar strengthened, still trading about 1300. Oil reaffirmed its gains and traded around $58.

Charts of the Day

Technician’s Corner

* EURUSD has continued its rise after the positive Brexit news, trading around the 1.1256 Resistance level, far from both the next 1.1224 Support and 1.13 Resistance.

* EURUSD continued its rise after the rejection of the no-deal Brexit. The pair broke through its 200HMA, and the Resistance point at 1.13, but has not managed to stay above the 1.1330 Resistance. Indicators are showing mixed signals.

* GBPUSD gained after the rejection of the no-deal Brexit, breaking through the 200HMA yesterday, but bouncing off both the 1.3336 Resistance level and the 1.3245 Support.

* XAUUSD lost as the Dollar gained yesterday, coming down from the 1310 highs and currently trading at 1302. The MACD and Stochastics are issuing negative signals.

* USDJPY continues its slow upwards movement, breaking through the sideways channel as it is currently trading above its 200HMA level at 111.50, with immediate Resistance at 111.68. MACD and Stochastics are showing signs of saturation.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* Trump-Xi summit pushed back to end of April, USTR cited “major issues”.

* Xinhua news agency reported that Chinese Vice Premier Liu He had a telephone conversation with US Secretary Mnuchin and US Trade Representative Lighthizer and that further substantive progress on trade talks has been made.

* UK lawmakers backed a delay to the Brexit process.

* PM May set to ask for a short term extension if her Brexit deal gets through by March 20, i.e. before the next EU summit, or a long term delay if not.

* European stock futures are moving higher in tandem with US futures.

* WTI future is trading at USD 58.76 per barrel.

* EURUSD softer after posting 9-day high at 1.1341 following soft US PPI

* EURUSD found a floor at 1.1310 after rebounding from 1.1290 and overall remains in an uptrend. The same positive bias held intraday as well, with MAs pointing upwards and RSI sloping above 50.

* GBPUSD is trading in a descending triangle. Support is held at 50-period SMA at 1.3225 and Resistance at 1.3265. A break of these barriers could suggest the near term direction for Pound.

* XAUUSD rebounded from 1297 and broke the 1300 barrier earlier. Upper Bollinger bands are extending higher while the asset has regained more than 60% of the losses seen yesterday, turning the negative near term outlook to a positive one.

* Canadian Manufacturing Sales – the Manufacturing shipment values are expected to edge 0.5% higher in January after the 1.3% drop in December.

* Michigan Sentiment and Industrial Data– Industrial production is projected to rise 0.4% in February, after a 0.6% drop in January, while capacity utilization should rise to 78.4% from 78.2% in January. An early March Michigan Sentiment reading is expected of 96.0 , up from 93.8 in February, but well below the 14-year high of 101.4 last March.

Support and Resistance Levels

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* EURUSD found some ground on Friday’s closing. It is currently trading above its 10-day peak, in the upper BB pattern. Next Resistance 1.1360(50DMA) and Support at 1.1320 (20DMA).

* GBPUSD is consolidating in the upper 1.32 area. Overall it remains in an up channel.

* NZDUSD: Broke 3-day High and currently retesting the upper line of a descending triangle. Bullish inverse Head and Shoulders has also been identified in the hourly chart. Resistance holds at 0.6875-0.6900.

* XAUUSD rebounded from 1,298 the past hour up to 1,304 area. Any consecutive bullish candles could suggest a positive intraday outlook.

Main Macro Events Today

* Eurozone Trade data – Eurozone trade data as well as current account data are likely to reflect the global pressure on exports. January’s trade balance is expected to fall to EUR 13.2 bln, vs EUR 15.6 bln in February.

* US NAHB Housing Market Index – The NAHB Housing Market Index for March kicks off the week, and it is expected to rise to 63 from 62 last time.

Support and Resistance Levels

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* The main focus is the eagerly awaited Fed announcement tomorrow, with the US central bank expected to turn down the to just one rate hike this year, and the USD remains in “wait n see mode” ahead of FED tomorrow.

* Central banks in Indonesia, the Philippines and Thailand hold policy meetings this week and are expected to stay on hold as well.

* In the RBA minutes, the outlook for the Aussie economy was mentioned as having “significant uncertainties’, as house prices cooled significantly more than expected too.

* However, while the prospect of ongoing support from central banks and governments helped stock markets to move higher across Asia yesterday, today’s trading saw a broad correction, with Chinese indices, which outperformed Monday, underperforming today.

* The Shanghai Comp lost -0.63%, the CSI 300 was down -0.82%, while the Hang Seng had declined -0.23%. Topix and Nikkei closed with losses of -0.21% and -0.08% respectively and the ASX was down -0.09% in the end.

* US futures are posting fractional gains, while European futures are down. The front end WTI future meanwhile is trading at USD 58.98 per barrel, after touching a high of USD 59.14 overnight.

Charts of the Day

Technician’s Corner

* EURUSD traded up and down yesterday, ranging around the 1.1345 Resistance level, breaking through it early today. Still below yesterday’s peak, MAs suggest the Euro will strengthen, supported by the MACD, while Stochastics suggest that it is overvalued.

* GBPUSD is consolidating in the upper 1.32 area, moving on a sideways channel, still below end-February highs. MACD and Stochastics are showing down signals.

* USDJPY has continued its downwards trend breaking through the 200HMA yesterday, reaching as low as 111.18, with Resistance standing at 111.40 and Support at 111.08.

* XAUUSD continues to trade above the $1300 mark, in a slight upwards trend, even though Stochastics and MACD show signs of regression. Data releases and any Brexit developments today could affect it.

Main Macro Events Today

* Average Earnings ex Bonus and Unemployment Rate (GBP, GMT 09:30) – Average Earnings in the UK are expected to have stood at 3.4% in the three months to January, the same growth rate as the previous time. The ILO unemployment rate is expected to remain at 4%.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* Fed day today – will they be as dovish as the markets seem to think? No change on the rates is expected but their musings on the future path of monetary policy, both conventional as well as with regards to its balance sheet position will be key for the USD and bond yields.

* In the Asian session stocks traded narrowly mixed, with Chinese markets underperforming amid reports that China is pushing back against some of the US demands in trade talks.

* Overall though traders see signs of eagerness to come to a deal among Chinese officials ahead of further trade talks as US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are set to travel to China next week.

* Topix and Nikkei managed to close with gains of 0.26% and 0.20% respectively. The ASX, however, was down -0.31% at the close and Hang Seng and mainland China bourses are also in the red.

* US futures are little changed and the front end WTI future is trading at USD 58.97 per barrel.

Charts of the Day

Technician’s Corner

* EURUSD traded mostly above the 1.1345 Resistance level, even though very close to it, in anticipation of the Fed meeting. Indicators are showing signs of consolidation.

* GBPUSD is moving in a similar way as the EURUSD consolidating in the upper 1.32 area, for the 5th consecutive day, moving on a sideways channel, still below end-February highs. MACD and Stochastics support consolidation.

* USDJPY moved slightly up on the leading indicator announcement, which showed worse than expected performance compared to the previous month. After etching to 111.60, the pair declined slightly, a move supported by both MACD and Stochastics.

* XAUUSD is still above the $1300 mark, while some downwards momentum exists despite indicators pointing upwards. The Fed decision is expected to have a strong effect on Gold.

Main Macro Events Today

* Retail, Producer, and Consumer Price Indices (GBP, GMT 09:30) – Both the CPI and the RPI are expected to have registered the same growth as January, showing 2.5% y/y and 1.9% y/y respectively. The PPI is expected to have grown by 4.3% y/y compared to 2.9% y/y last month.

* Fed Interest Rate Decision (USD, GMT 18:00) – The eagerly awaited Fed decision is expected to shed light as to whether the 2 rate hike policy is to be continued or whether one rate hike is to be expected. Furthermore, comments on its potential balance sheet actions could also affect the markets.

* Gross Domestic Product (NZD, GMT 21:45) – New Zealand GDP is expected to have grown by 2.5% y/y in 2018Q4, compared to 2.6% in 2018Q3.

Support and Resistance Levels

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* The EU summit starts today and while Brexit is not the only topic on the agenda, it will likely dominate discussions, after PM May yesterday officially asked for an extension until June 30 and ruled out that she as Prime Minister would ask for a long extension.

* EU council president Tusk in his official response made it clear that a short extension will only be possible if the Withdrawal Agreement has been backed by MPs in London.

* Tusk did not rule out a long extension but as May has made it clear that she as PM won’t ask for one, that is currently not on the table.

* After an interesting meeting yesterday, the Fed was even more dovish than expected, suggesting that no rate hikes would take place in 2019, although leaving the window open for some hikes in 2020.

* Overall, the Fed commented that a patient, semi-neutral approach was the best at this point, after the cooling in growth and inflation. Justification was sought in slower growth, static payrolls, weaker household spending and a decline in overall inflation.

* In addition, the Fed also confirmed plans to taper in May, and then end in September, the balance sheet runoff.

* Trump, following the Fed, tweeted that tariffs on Chinese goods could be in place for a “substantial period”. Equities dropped, after increasing as a result of the Fed dovishness.

* Dow closed down 0.55% and under its 20 SMA. Asian shares are less impacted, but Japan is closed today.

Charts of the Day

Technician’s Corner

* EURUSD pushed higher than the 1.14 level on the Fed dovishness, with expected Resistance at 1.1433, and then at 1.15. Indicators are supportive of a consolidation/downtrend mode this morning.

* GBPUSD is slightly regaining its losses, still moving around the 1.32 area, on a sideways channel, still below end-February highs. MACD and Stochastics can perhaps be interpreted as sending positive signals.

* USDJPY dropped heavily on the Fed announcement, crossing the 110.72 Support and its 200HMA. The next Support level is at 110.34, even though the MACD and Stochastics do not appear to agree with the downwards trend.

* XAUUSD gained significantly and is trading at $1319, while some downwards momentum continues to exist according to the indicators. The Fed decision did have a strong effect, as suggested yesterday, and the question is whether Gold can now break through the $1321 Resistance level, or will retrace to the $1313 Support.

Main Macro Events Today

* European Council Meeting (EUR, GBP, Full Day) – One of the most important European Council Meetings for the year, given that Theresa May will likely aim to provide justification for a Brexit delay.

* Employment Data (AUD, GMT 00:30) – While the Unemployment Rate is expected to have remained at 5% in February, employment change is expected to have eased, increasing by 15K compared to 39K last month.

* SNB Interest Rate Decision (CHF, GMT 08:30) – The SNB is not expected to surprise markets as the Swiss rate is forecast to remain at -0.75%.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* EU hands UK another 2 weeks to avoid no-deal Brexit, eyes May 22 exit if deal passes, otherwise PM May must come up with a Plan B. If the deal gets through, an extension until May 22 has already been backed by the EU-27.

* The European calendar focuses on Eurozone prel. March Manufacturing PMI readings.

* Gold whipsawed back toward $1,300 by resurgent USD index near 96.5

* EURUSD corrected back under 1.1400.

* USDJPY up from 5-week low of 110.28.

* WTI crude has settled slightly below $60.0 after posting a fresh 4-month high at $60.39

Charts of the Day

Technician’s Corner

* EURUSD is slightly below Pivot Point of the day and the 38.2% Fib from the week’s peak, at 1.1385. A decisive break could lead towards 1.1410 Resistance. However indicators are not supportive, as they remain negatively configured.

* GBPUSD topped at 1.3160, however the last 4 small body candles along with the latest doji candle suggest that upside movement might reach an end. Support at 1.3113 and 1.3000.

* USDJPY dropped further into London open, down to 110.70. Indicators retreated from neutral zone, with RSI looking lower. The next Support level is at 110.64, and 110.36.

Main Macro Events Today

* Eurozone Manufacturing PMI – Eurozone Manufacturing PMI is expected to improve marginally to 49.5 from 49.3 and the services reading to ease slightly to a still strong 52.7 from 52.8, which should leave the composite slightly higher at 52.0, versus 51.9 in the previous month.

* Canadian CPI – The CPI is expected to climb 0.5% in February (m/m, nsa) after the 0.1% rise in January, boosted by stronger gasoline prices and seasonal strength in February’s CPI.

* Canadian Retail Sales – The Retail sales are anticipated at 0.3% in January after the 0.1% dip in December.

* US Home Sales – Sales are estimated to grow 0.6% following a 1.0% December decline. The I/S(Inventory to Sales) ratio should edge down to 1.32, from 1.33.

Support and Resistance Levels

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* Housing Data (USD, GMT 00:30) – Housing starts and Building Permits are expected to have increased marginally in February, while the S&P House Price Index is expected to have continued its deceleration, growing by 3.9% in January, compared to 4.2% in December. As in previous occasions, housing market data usually have more impact on the stock market than on the currency.

* CB Consumer Confidence (USD, GMT 14:00) – The Conference Board Index is expected to have increased to 132.1, compared to 131.4 in the previous month.

* German CPI (EUR, N/A) – The German inflation rate is expected to have increased to 0.6%, compared to 0.4% in the previous month.

* US Final GDP (USD, GMT 12:30) – The final release of the 2018Q4 GDP growth rate is expected to see the world largest economy’s economic activity to have grown by 2.4% compared with the preliminary reading of 2.6%.

* Tokyo CPI and Production Data (JPY, GMT 23:30) – Tokyo CPI and Production Data (JPY, GMT 23:30) – The country’s main leading indicator of inflation is expected to have remained at 1.1% y/y in March, at the same level as in February. Industrial Production is expected to have improved, growing by 1.4% m/m in February, compared to -3.4% m/m in January, while Retail Sales are expected to have increased by 0.9% y/y in February, compared to 0.6% in January.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

* Japanese markets in particular rebounded from yesterday’s sell off after sentiment started to stabilize during the US session yesterday and Wall Street closed little changed.

* The sharp drop in US bond yields last week and the shape of the yield curve revived fears of a global recession last week, but while yields remain at low levels for now at least the mood seems to be slowly lifting.

* Markets will continue to keep a very close eye on the spread between the 10-year Treasury yield and three months bills, which is judged to be a key recession indicator and inverted last Friday. This week’s US bond auctions will be closely watched.

* The UK Parliament takes control of the Brexit process after May’s defeat, with a new vote scheduled for tomorrow.

* Topix and Nikkei closed with gains of 2.57% and 2.15% respectively. The ASX gained 0.07%, while Hang Seng and Shanghai comp are down -0.15% and -1.35%.US futures are higher as are the European ones. The front end WTI future meanwhile is trading at USD 59.21 per barrel.

Charts of the Day

Technician’s Corner

* EURUSD has been trading around the 1.13 level, breaking below but not maintaining it yesterday. Immediate Resistance at 1.1338, at the 200HMA. Indicators are also not registering any up or down signals.

* GBPUSD continues to trade around the 1.32 level, in a tight channel between this and the 1.3223 200HMA level. The MACD does not show much action, while Stochastics issue bullish signs.

* USDJPY dropped below the 110.34 level, trading around the 110 level, which appears to hold despite some breakouts below it. Resistance remains at 110.34 and Support, after the 110 immediate level, lies at 109.80.

* XAUUSD broke below the 1320 level early today, with the MACD registering bullish signs as the Stochastics indicator is moving in the oversold region. Support and Resistance levels remain at 1313.8 and 1320 respectively.

Main Macro Events Today

* Housing Data (USD, GMT 12:30) – Housing starts and Building Permits are expected to have increased marginally in February, while the S&P House Price Index is expected to have continued its deceleration, growing by 3.9% in January, compared to 4.2% in December. As in previous occasions, housing market data usually have more impact on the stock market than on the currency.

* CB Consumer Confidence (USD, GMT 14:00) – The Conference Board Index is expected to have increased to 132.1, compared to 131.4 in the previous month.

Support and Resistance Levels

Always trade with strict risk management. Your capital is the single most important aspect of your trading business.

Please note that times displayed based on local time zone and are from time of writing this report.

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.